buy to let mortgages
Birmingham Midshires Product Transfer
Information on this page is for information purposes only. It is not intended as investment advice
BM Solutions Product Transfer
Product transfers are available to existing Birmingham Midshires mortgage holders. They are only available for mortgages secured against buy to let property
Mortgages Direct can arrange these deals for you at no cost, providing your mortgage is at least £100,000. We will also review the market to see if there are better deals on the open market – all for free!
If your mortgage is below £100,000 we can still help, but there will be a nominal fee of £199 to pay
Birmingham Midshires are not obliged to offer any deals and they are unlikely to offer any fixed rates if there have been any missed mortgage payments
What deals are on offer?
The deals offered by Birmingham Midshires will be calculated individually.
We will be able to provide you with full illustrations for any deal you choose
As a guide we have provided the current rates offered by Birmingham Midshires for new business:
When can you apply
You can complete a product transfer application at any time if you are on the standard variable rate or tracker rate
If you are on a fixed rate then early repayment charges are likely to apply until the end of your fixed rate. If you are on a fixed rate the best time to apply is when you are within 3 months of the expiry of your current fixed rate product
If you are within 6 months of the expiry date of your current fixed rate then we can forward date deals to immediately follow on from the close of your current deal.
We will process Birmingham Midshires product transfers with no Broker fee providing your mortgage is at least £100,000.
….and you will benefit from the Remortgage promotion we are currently running
If your mortgage is less than £100,000 then we would need to charge you an upfront fee of £199. This fee is paid at the outset and is non refundable unless we are unable to recommend a mortgage for you
Why should you apply here
We Pay you £25 on completion of your mortgage
How do you apply?
Please complete our Birmingham Midshires Product transfer application form
What happens next......
The products that are available to you will depend upon the mortgage loan as a percentage of the property value (the loan-to-value or LTV)
Birmingham Midshires will calculate the current value of your property by looking at the purchase price or the property value when they first mortgaged your property and how much property prices have risen or fallen in that area. This is known as indexing.
Birmingham Midshires will use the indexed valuation in their calculation
You may find the indexed valuation is lower than your estimate. Is there anything you can do?
It may not matter if the valuation is low providing you still qualify for the product you want
If the valuation is causing you to miss out on a deal then you can instruct a valuation of your property. Birmingham Midshires will charge a discounted survey fee for this purpose
OR
You can choose to pay down your mortgage until you are within a certain product loan to value
Providing there is no additional borrowing or any other eligibility issues the product transfer can proceed.
We will send you a full illustration for your chosen mortgage. If you are happy with the illustration then we will arrange for the transfer to proceed